Week 7: Banking and Finance

Tuesday 8th March

Mr. Niall Douglas

Schedule for today

9am-11am: Reading vocab and comprehension check

11.20-12pm: Statistical analysis 12pm-12.40pm: TOEIC prep 12.40pm-1pm: Explain tonight’s

reading 1pm-1.20pm: Group Work Plan

Critical Thinking

If you remember from yesterday I told you that the Western Education System (and Business Schools) is very bad at teaching critical thinking

This is despite constant and consistent complaints from Business about the poor quality of fresh Business School graduates

Critical Thinking

Well they are not the only ones with problems!!!

Engineering also has a BIG problem with the low quality of Engineering and Physics graduates

Such low quality engineers costs billions of euro a year in mistakes, as well as thousands of lives lost

Critical Thinking

One very famous example is a failure in Critical Thinking within NASA

In 1986 the Space Shuttle Challenger exploded during take off

Why?

Critical Thinking

It turns out that there was a failure of critical thinking in NASA regarding the safety of the launch

What happened was that an “O-ring” failed causing the rocket to explode

Here is the graph used within NASA to show O-ring failure history ...

History of O-ring failure

Stupid graph

I have filled in the data from the stupid graph into a much more useful format

0.0 5.0 10.0 15.0 20.0 25.0 30.002468

101214161820

0.0 5.0 10.0 15.0 20.0 25.0 30.002468

101214161820 f(x) = − 8.22060153984207 ln(x) + 26.2520401488729

R² = 0.488798212102759

So there you go, lack of Critical Thinking skills blows up Space Shuttles

Six (Eight?) People died in the explosion ... Some actually survived the explosion but were killed when craft hit the sea at 200km/hr

Space Shuttles are also not cheap ...

TOIEC prep

TOIEC prep

Tonight’s reading

Explain Tonight’s reading

Group Task Work Plans

Check Group Task Work Plans